Meed | Al-Othaim launches a $1.87bn mixed-use project in Riyadh

Al-Othaim launches a $1.87bn mixed-use project in Riyadh

24 February 2023

Saudi Arabia-based Abdullah al-Othaim Investment Company has unveiled the SR7bn ($1.87bn) Konoz development in Riyadh.

The mixed-use project will feature 50,000 square metres of commercial space, a 20,000 sq m entertainment city, 15,000 sq m of green areas, a 120,000 sq m commercial centre and a parking area for 5,500 vehicles.

The scheme will include a 250-room hotel, 120 serviced residential apartments and an additional 135,000 sq m residential apartment complex featuring 700 apartments.

Konoz, which means Box of Treasures in English, has been designed by UK-headquartered architectural firm Benoy.

Abdullah al-Othaim Investment Company, one of the Al-Othaim Holding companies, specialises in constructing, managing and operating large shopping malls across the kingdom.

Abdullah bin Saleh al-Othaim, chairman of the board of directors, said the Konoz project underscores the firm's strategy to solidify its status as a leader in large-scale development initiatives.

The strategy includes developing modern and innovative projects in strategic locations in Riyadh to enhance the quality of life in the city and to create jobs, stated the firm.

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Eva Levesque